Barbell Leadership Utilities and Tech | GoNoGo Show May 30, 2024

The GoNoGo Show on May 30th, 2024, hosted by Tyler Wood, CMT and Alex Cole, kicked off with an analysis of the cross-asset heat map. Alex highlighted the recent weakness in equities despite being in a go trend, as indicated by paler aqua bars. Treasury bond prices, which had entered a go trend a week ago, now showed uncertainty with amber bars suggesting market indecision. Commodities experienced choppy trading but seemed to have returned to a go trend with weaker aqua bars. The GoNoGo Relmap of various commodities highlights leadership of metals and mining (CPER, GLD) as well as a resurgence of outperforming trends in the natural gas industry (UNG). The US dollar maintained its go trend despite some moments of potential change. Tyler & Alex emphasized the importance of intermarket relationships in their top-down approach to investing.

Within the equities space, Information Technology (XLK) and Utilities (XLU) continue to lead the broad market index. Diving into the industry groups, Alex and Tyler point to renewable energy equipment, semiconductors, and computer hardware as leading industry groups within the XLK sector. Within utilities (XLU), it is only conventional electricity that is leading the sector higher. Individual equities that appeared in GoNoGo scans include VST, EVRG, and NRG. Alex and Tyler concluded today’s weekly show with a look at Bitcoin ($BTCUSD).

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